The head of luxury goods giant LVMH Moet Hennessy Louis Vuitton said today he expects full-year 2002 operating profit to grow by at least 10 per cent after a 20 per cent fall in 2001.

LVMH chairman and CEO, Bernard Arnault, told his company's shareholders meeting in Pairs that it still plans to double the size of its revenue within the next five years.

The announcement is the first time the company has specified its operating profit target for 2002 after being hit by the economic fall-out of the September 11 airline attacks.

Arnault said LVMH would continue to sell off its non-core assets in a bid to slash debt and it had raised about 800 million euros through such sales so far this year.